Port Ormond Carpet Company manufactures carpets Fiber is pla

Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpet backing is added at the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories:

Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows:

Cost of goods sold during the period, $154,200

A. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations. Refer to the Chart of Accounts for exact wording of account titles.*** This Journal should have 28 rows in total***

B. . Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value.

C. . Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value.

Finished Goods	$6,500
Work in Process-Spinning Department	1,200
Work in Process-Tufting Department	2,300
Materials	4,100

Rows	Date	General Journal	Debit	Credit
1	Jan. 1	Materials	84700
2		Accounts payable		84700
		(To record materials purchased on account)
3	Jan. 2	Work in process-Spinning department	42800
4		Work in process-Tufting department	34000
5		Factory overhead-Spinning department	3400
6		Factory overhead-Tufting department	2700
7		Materials		82900
		(To record materials requisitioned)
8	Jan. 31	Work in process-Spinning department	26600
9		Work in process-Tufting department	17600
10		Factory overhead-Spinning department	11900
11		Factory overhead-Tufting department	11800
12		Wages payable		67900
		(To record labor used)
13	Jan. 31	Factory overhead-Spinning department	5400
14		Factory overhead-Tufting department	4000
15		Accumulated depreciation-Factory		9400
		(To record depreciation on fixed assets)
16	Jan. 31	Factory overhead-Spinning department	1100
17		Factory overhead-Tufting department	800
18		Prepaid insurance		1900
		(To record expired prepaid factory insurance)
19	Jan. 31	Work in process-Spinning department	22200
20		Work in process-Tufting department	18950
21		Factory overhead-Spinning department		22200
22		Factory overhead-Tufting department		18950
		(To record factory overhead applied)
23	Jan. 31	Work in process-Tufting department	89500
24		Work in process-Spinning department		89500
		(To record transfer from Spinning to Tufting department)
25	Jan. 31	Finished goods	151400
26		Work in process-Tufting department		151400
		(To record transfer from Tufting department to Finished goods)
27	Jan. 31	Cost of goods sold	154200
28		Finished goods		154200
		(To record cost of sales)

Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning D

Port Ormond Carpet Company manufactures carpets Fiber is pla

Solution

Get Help Now

Submit a Take Down Notice